This review talks about Bit Advisor, a suspicious Cryptocurrency mining platform that solicits money from members of the public while claiming that it will invest it through mining of Cryptocurrencies. The reason why it is suspicious is because a lot of things aren’t adding up as far as their presentation is concerned. For that reason, we have decided to send Bit Advisor straight away into the dreaded blacklist where similar scams running similar operations belong.
You want to know how blatant and reckless this scam is? Consider this: they are claiming that they will give their investors 15% of their capital every day and forever. With this, you have either found a source of free money or scam forever.
Is this even true? Is 15% per day ROI sensible enough for serious investors to get convinced? Absolutely not. Investors are not this desperate to throw money into the trash can just like that.
Let’s explore the rest of the elements that make Bit Advisor an outright scam that should not be found among members of the Cryptocurrency mining community.
We can tell by just looking at the numbers that Bit Advisor isn’t mining Cryptocurrencies. 15% per day or 450% a month (if you like it) is not possible with mining of Cryptos. If you want legit mining platforms on the internet, these companies will give you what they want. But they will not make you 15% a day because this is not possible. You can rest assured that getting rich overnight isn’t possible with any form of altcoins mining.
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Even when the price of Bitcoin was so high last year, people could not make 15% a day. Now we all know that price has been dropping, although this has nothing to do with trading of Bitcoins and other altcoins. One can still mine and make a lot of money by just trading these digital coins. But for a moment, let’s forget promises of getting rich quickly because this is not possible in any business. It will never be possible with mining of Cryptos or any business on the internet.
Also, if you find out that a platform is offering lucrative deals and telling you that they mine Bitcoins in order to make those profits, you should know that they are probably a scam not worth your attention.
With that information, we can rest assured that Bit Advisor is a no go zone since it’s a money grab scheme.
Since Bit Advisor can’t produce any data showing what they mine and where they mine the coins from, they have resorted to proudly displaying their UK company registration as a show of credibility.
But you see, this registration is meant for taxation purposes. Anyone can register an entity for taxation purposes. It does not mean that their entity is engaging in legitimate activities. That is why we have so many similar scams on the internet with most of them coming from the UK since the country is a bit lenient with them.
Since Bit Advisor is only a few weeks old, we can only wait and see because we are most certain that this will not end well. We have seen a lot of similar scams registered in the UK and pretending to be mining Bitcoins for their clients. They never last more than 6 months. Also, they always come to a tragic end, thereby causing massive losses for their clients. The most iconic example is Bitconnect. It pretended to be a mining platform for Cryptocurrencies. We warned our readers not to invest in it because it was a scam. Our word came true when it eventually collapsed and run away with peoples’ money.
The bottom line is that any entity or company claiming to provide an investment service must seek licensing from the Financial Conduct Authority. Since Bit Advisor is based out of the UK, we expect them to be showing us their licensing number and not their company registration details. The reason this has not happened is because they do not have a license.
Therefore, investors are risking their funds because Bit Advisor is under no obligation to preserve or return client funds if requested to do so. Given that this is an illegal investment service, we can’t gamble with our money since the outcome is already obvious – you will lose money.
The truth is that these guys are neither mining or trading Bitcoins. Anyone wanting to believe that they are mining Bitcoin is misguided. This is a stubborn ponzi scam that will initially pay small profits (if they want to) and refuse more withdrawal requests if they feel like they are making losses. There is no real business activity behind the operations of this scam.
Since they are very new, they might decide to pay a small profit because they want the trust of new investors. But once you re-invest with more money, they will simply take it and ignore you afterwards. They have been doing so for the last couple of years. Bit Advisor is no exception since it is doing the same exact thing that its counterparts have been doing.
Such schemes usually last not longer than 6 months. Given that the owner of this ponzi scheme is anonymous, you can be sure that he is here to take your money and disappear. They collapse these scams by intention and start new ones. Once they have drove enough traffic to the new scam site and fleeced innocent investors, they close it down and start another one. The cycle will continue in that pattern.
Mining of Cryptocurrencies is not a scam in itself. People have been mining them for the past 1 year and making money. If you’d like to do so, explore the links which we gave above. All in all, you need to be aware that certain websites like Bit Advisor are operated by internet thieves. They know how to steal your investments. They are smart and calculating. Never fall for them.
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